are submitted in the form of Demands for Grants in pursuance of article 113 of theConstitution. Generally, one Demand for Grant is presented in respect of each ministryor department.
Budget at a glance:-
The Budget at a glance gives an overview of the budgetaryproposals. It gives a break up of tax and other receipts as well as expenditures (plan andnon-plan), allocations of outlays by ministries and resource transfers to states and UTs,the projections on revenue deficit, fiscal deficit and primary deficit, ,etc.
The proposals of government for levy of new taxes, modification of theexisting tax structure or continuance of the existing tax structure are submitted to theParliament through the Finance Bill. To facilitate easy comprehension of the budget,certain explanatory documents are presented along with the budget.
After the Lok Sabha votes on the Demands for Grants, Parliament'sapproval to the withdrawal from the Consolidated Fund of the amounts so voted and of the amount required to meet the expenditure 'charged' on the Consolidated Fund issought through the Appropriation Bill.
Structure of the Budget
Structure of the Budget refers to the components of the budget. It has two broadcomponents:(a) Budget Receipts (b) Budget Expenditure.
(a) Budget Receipts
refer to estimated money receipts of the government from allsources during the fiscal year. Broadly, the budget receipts are classified as:
(i) Revenue Receipts:-
Such receipts accrue to the government on account of its currentactivities and are generally recurrent innature. For example tax receipts like income tax, excise tax etc. and non-tax revenuereceipts like income from PSUs, interest received etc.
(ii) Capital Receipts:-
Such receipts either create liabilities (like borrowings) or reduceassets like disinvestment, recovery of loans etc.
(b) Budget Expenditure:-
refers to the estimated expenditure of the government on itsdevelopmental and non-developmental programmes (or on its plan and non-planprogrammes) during the fiscal year. Budget expenditure is also classified into two broadcategories:
(i) Revenue Expenditure:-
Such expenditure is incurred on day-to-day activities of thegovernment and neither create assets nor reduce liabilities eg. interest payments,subsidies etc.
(ii) Capital Expenditure:-
Such expenditure either creates asset or reduces liability of thegovernment eg. expenditure on construction of road, bridge, building etc.